Ecobank Joins China CIPS for Yuan Settlement
African lender Ecobank is joining China's CIPS payments platform to facilitate yuan settlements. The move capitalizes on growing trade and investment ties between China and Africa, enhancing direct currency transaction options.
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ECOBANK TRANSNATIONAL INC will sign an agreement to join China's CIPS payments platform for yuan transactions, expanding direct currency settlement across Africa. The pan-African lender operates across 34 countries on the continent. The move comes as commercial ties between China and Africa expand rapidly.
